The Nation Newspaper

Tag: accounting

  • JABU partners ICAN on MCATI for Students

    Joseph Ayo Babalola University (JABU) has signed a Memorandum of Understanding with the Institute of Chartered Accountants of Nigeria under Mutual Cooperation Agreement with Tertiary Institutions (MCATI) to ensure the professionalism of accounting practice in Nigeria.

    Speaking at the official signing ceremony of the MoU, ICAN President, Mallam Isma’lla Mohammadu Zakari said “the MoU is essentially between ICAN and three universities – Joseph Ayo Babalola University, Ikeji Arakeji, Osun State University, Oshogbo and Pan Atlantic University, Lagos.

    Zakari stated that the Institute was satisfied with the thorough academic standard of the Accounting Department of the JABU; Hence, the approval for collaboration by the Council.

    According to Zakari, “the focus of the MoU is to integrate ICAN syllabus into JABU’s curriculum for the ICAN qualifying professional examination”.

    He however stated that, students can now study accountancy using the integrated ICAN/NUC Approved Accounting Curriculum while graduates from Accounting Department would be granted 11 subjects exemptions as against 7 subjects exemption under the normal ICAN accreditation scheme.

    Present at the signing of the Memorandum of Understanding with the Institute were the: Ag. Vice Chancellor, Professor T.O. Olowokure; Deputy Registrar, Mr. J.O. Babalola; Head of Department, Accounting Department, Mr. Akindele Akosile; and Dean, College of Law, Dr. Ola Jejelola.

  • From accounting to cake baking

    From accounting to cake baking

    For years, Uduak Obong-Mensah dreamt of establishing his own business. She has achieved this through, Menudys Concept, a firm which trains youths in cake making, writes DANIEL ESSIET.

    Uduak  Obong-Mensah is the founder of Menudys Concept. She started as an interior decorator 12 years ago,with N100,000 when the area was little known.

    Later she found an opportunity in cake business. An accountant, who had been working for some years, she realised that she had a passion for cakes. She started from Calabar and moved to Port Harcourt.

    With assistance from friends, the venture is flourishing. It has 10 permanent and15 casual staff members.

    She makes cakes with customised designs for occasions ranging from birthdays and engagements to home-comings and graduations.

    She said what set her apart are her cakes’ unique taste and flavour.

    Obong-Mensah said it took her some time to grow the business. She got past self-doubts through motivation by others.

    Her perseverance, love for helping others and learning from them has helped her.

    Yet, she wouldn’t consider herself a master in cake designing because “like any other form of art, there’s never a finish line”.

    In recent years, she learnt how to use the social media. The practice is working as she is among top women bakers one must follow on the social media.

    Obong-Mensah learnt that having referrals and backings is very important. She participated in wedding expos and other events to help spread her name.

    Besides this, to promote the sub-sector, she’s working with others to hold a wedding fair.

    Her biggest challenge is time management. But she has remained focused. What has helped her most is keeping her thoughts organised. With the cost of living and inflation getting worse, her business like others has not been spared. The prices of all the raw materials in baking have gone up, and it is challenging to keep prices at a minimal.

    Perhaps what has made Uduak-Obong succeed is her adherence to customers’ satisfaction. She said “passion for customers, integrity, excellence, team work, mutual respect” are the core value that guides her business.

    In a competitive market where many clients get raw deals, her strategy has also been to flow with international trends.

    As part of her corporate social responsibility, she is offering free training on event design, floral arrangement, and baking and still intends to offer more.

  • Firm advises entrepreneurs on sound accounting, auditing

    The management of FAE Limited has advised distributors of its products to embrace sound accounting practices and engage auditors in their businesses operations.

    Managing Director, FAE Limited, Princess Tayo Okeowo, gave the advice yesterday during this year’s distributors’ forum organised by the company in Lagos.

    She urged distributors to take advantage of the Nigeria’s economic recovery and exit from recession and grow their businesses.

    She praised the distributors for their patronage over the years insisting that they are very crucial to the success of the company.

    She said: “We are not afraid of competition. We have passion for the business and committed to ensuring that our customers get the best. We need to work together to ensure that we achieve the best in 2018. We need to stand out. We also need to take advantage of the boom in the economy to drive growth”.

    She also emphasised the need for branding, uniform discount policy for customers and networking among entrepreneurs. She urged the distributors to strengthen their operations, be efficient and they will achieve the needed boost in their businesses.

    Also speaking, Executive Director, Ideation Hub Africa, Mrs. Debola Deji-Kurunmi, said the distributors forum was a good time for them entrepreneurs to reflect on what worked and what did not work in the outgoing year.

    He urged them to build trust in their businesses, network and also establish sound business principles. He said there was need for them to patronage one company, and build enviable transaction volume that could earn them huge discounts.

    “You need to demonstrate loyalty to the business. FAE is building you to enable your business succeed. You need to build excellent customer services and always ensure that you have something unique that stands your business out,” she advised.

    Deji-Kurunmi, who is a motivational speaker, said the customers needed to connect with other distributors adding that Nigerians have the desired courage to enter and succeed in new markets.

     

     

     

    She praised distributors whose businesses have succeeded beyond the five-year market, describing them as established entrepreneurs. “Only 20 per cent of entrepreneurs exceed five-year mark. We are happy you have made it this far, and confident you will even do better in the years ahead,” she said.

    She also urged the distributors to always engage auditors, pay their taxes and embrace sound accounting principles. “Do you pay your taxes, have auditors and keep your books properly? These are very important principles that ensure business success,” she said.

  • Senate invites IG-P over alleged unpaid N6.5bn revenue

    Senate invites IG-P over alleged unpaid N6.5bn revenue

    The Senate Ad-hoc Committee on Alleged Fraudulent Activities in Collection, Accounting, Remittance and Expenditure by Revenue Generating Agencies has invited the Inspector-General of Police (IG-P), Mr Ibrahim Idris, to appear before it.

    The committee’s Chairman, Sen. Solomon Adeola, said in statement signed by his Media Adviser, Mr Kayode Odunaro, on Sunday in Abuja.

    According to him, the invitation followed findings on a N6.5 billion unpaid revenue accruing from the Lagos Trade Fair Complex.

    He said, others invited to appear before the committee are the Director Generals of Directorate of State Security (DSS), Bureau of Public Enterprise (BPE) and National Council on Privatisation (NCP).

    Adeola said the essence of the invitation was to get the Police and DSS to assist the Federal Ministry of Commerce and Industry and the Bureau of Public Enterprise (BPE) in recovering the money, which had accrued for over nine years.

    He said that the invitation was to also assist in ejecting the concessionaire of the Trade Fair Complex, LITFC, AULIC Nigeria Limited and recovering the complex.

    Adeola said it had become necessary to recover the 322 hectares multi billion Naira complex following a huge debt due in the N40 billion lease fees.

    Adeola quoted the Director-General of BPE, Mr Alex Okoh, as saying the concession agreement to AULIC Nigeria Limited was revoked in early September by the Federal Government.

    He further quoted Okoh as saying all efforts to eject the concessionaire including the use of the Divisional Police at the complex and Economic and Financial Crimes Commission (EFCC) proved abortive.

    Adeola said findings showed that “after the initial fees of N200 million paid by the concessionaire in 2007 and another N12 million, it has not paid a dime to the federal government, with outstanding revenue of N6.5 billion.

    “The concessionaire has bastardised the trade fair complex with hospitality and real estate businesses without approved plans.

    “It is shocking that an individual or corporate organisation could operate so lawlessly, withholding federal government revenue, while contravening a government revocation order of his concessionaire agreement.

    “What we need to do at this point is to recover the Trade Fair Complex from the concessionaire and subsequently pursue the issue of N6.5 billion unremitted federal government revenue.

    “Since the local police cannot handle the ejection with the concessionaire still operating and collecting revenue using all manner of tactics including thuggery, we are inviting the IG-P and DG-DSS to address this illegal challenge on the authority.

    “I am surprised that anyone can flagrantly operate as if he is above the law and the government,’’ the statement read in part. (NAN)

  • ANAN introduces Agricultural Accounting

    The Association of National Accountants of Nigeria (ANAN) President,  Alhaji Shehu Ladan, said the association had improved its curriculum to include Agricultural Accounting at the Nigerian College of Accountancy (NCA), Jos, Plateau State.

    Ladan, who disclosed this in the premises of Nigerian Television Authority (NTA) in Abuja after “ANAN Walk for Economic revitalisation, said: “The accounting system would capture a situation where investments in the Agricultural sector could be properly recorded and analysed. We want to take the lead in the Accounting profession, we are trying to establish Agriculture Accounting. We have been in Abuja since Monday brainstorming on issues of national economic importance and today, we exercise ourselves to shake off stress.”

    In a statement, Ladan explained that the association’s mission was to advance the Science of Accountancy in Nigeria, pioneering a multi-disciplinary emphasis in the production of well-blended and well-honed professionals, profound in knowledge, skillful in practice and ethical in conduct. He explained that ANAN decided to establish a college in Jos, the first of its kind in Africa and the second after the Scottish College.

    The ANAN President also noted that the association became members of Pan African Federation of Accountants (PAFA) and International Federation of Accountants (IFAC) and other international Accounting bodies.

    “IFAC has tagged us (ANAN) as the leading Accounting association in the Public Sector Accounting,‘’ Ladan said. He said the association was ready to partner NTA on training. We have established French Language Laboratory in Jos and by the time our members are bilingual, they will be able to take up more jobs outside Nigeria,’’ he said.

    Receiving the ANAN President and other members of the association, the NTA Director of Finance, Alhaji Islmaila Ahmed, said NTA and ANAN would continue to partner.

  • LMU Accounting undergraduate bags ACCA award

    LMU Accounting undergraduate bags ACCA award

    A final-year student of Accounting at Landmark University, Omu-Aran Kwara State, Mr Oluwatobi Oladiran, emerged one of the top three global affiliates of the Association of Chartered Certified Accountants (ACCA) in Nigeria at the December 2016 examination.

    Oladiran was officially presented with his award at the Event Centre, Alausa, Ikeja Lagos, where  ACCA Head in Nigeria, Mr Olatunji Oyeleye, described Oladiran’s victory as ‘inspiring and noteworthy’. He said the awardee completed all stages of ACCA as an undergraduate. “This is enough to motivate other students on their membership journey,” he said.

    Oladiran in a chat, recalled how he pursued the milestone as a result of his passion for success in the accounting career.

    According to him, he had earlier fulfilled the requirements of the Institute of Chartered Accountant of Nigeria (ICAN) for membership.

    Oladiran attributed his new status by ACCA and ICAN to Landmark University’s continuous effort towards full career attainment for any student, who passes through the institution”.

    He said the institution’s conducive learning environment coupled with well-equipped Centre for Learning Resources (Landmark Library) and high-profiled faculty members, constituted major factors that led to his success story.

    Despite the workload and the challenges he faced during the period of ICAN and ACCA examinations, he said the aforementioned factors encouraged him to be ‘focused on his academic pursuit’.

    Aside ICAN and ACCA, Landmark University in collaboration with other professional regulatory bodies, such as the Nigerian Society of Engineers (NSE), Council for the Regulation of Engineering in Nigeria (COREN), Computer Professionals Registration Council of Nigeria (CPN), among others. Landmark University continues to promote an inspiring ambience for raising the global leaders of tomorrow.

  • IBBU regains accreditation for Accounting, other

    The Accounting and Public Administration programmes of Ibrahim Badamasi Babangida University (IBBU), Lapai, Niger State have been given full accreditation by the National Universities Commission (NUC).

    Both programmes lost accreditation during the 2010 and 2013 exercises.

    However, the results of the accreditation by officials of NUC in January, showed that full accreditation status of the two programmes had been restored.

    This feat was achieved through a deliberate effort by the Management to boost the programmes with required calibre of faculty and modern learning facilities.

    With the accreditation restored, the university can admit students into the two programmes for 2016/2017 academic session.

    In a statement signed by the Public Relations Officer of the institution, Mr Sunday Gana, the University Management thanked the Niger State Governor, Alhaji Abubakar Sani Bello, the lawmakers and other Stakeholders for contributing immensely to the huge success achieved by the institution.

  • ANAN donates 300,000 Accounting books, cash to varsity

    ANAN donates 300,000 Accounting books, cash to varsity

    Association of National Accountants of Nigeria (ANAN) has donated 300,000 books and an undisclosed amount of money to Paul University, Awka in Anambra State ahead of the institution’s accreditation exercise this month.

    The books, according to ANAN, cover all the relevant topics in accountancy from year one to final year.

    National president of the association, Tony Nzom, represented by the registrar, Dr Michael Ayeni, said the gesture was part of the association’s efforts to advance the science of accountancy in Nigerian universities.

    “There was need to fill the lacuna in the dearth of literatures in the course,” he said.

    He added that the books would go a long way to help the institution’s Accountancy Department pull through the accreditation exercise.

    In his remarks, the Vice-Chancellor, Prof. Uche Isiugo-Abanihe, said he was overwhelmed by the kind gesture shown the university by the association.

    “With this donation, there is no way the Department of Accountancy will fail the accreditation next month,” he said.

    He praised the Head of the Department, Levi Ezeaku, an associate professor, for playing a key role in facilitating the donation.

  • Hope for Accounting

    The Management of the IBBU has reiterated its commitment to regaining full accreditation for the Accounting programme.

    The Vice-Chancellor, Prof Muhammad Maiturare made this known when executives of the Niger State branch of the Association of National Accountants of Nigeria (ANAN) visited him.

    He assured the visitors that the university was ready to partner with the association to boost human capital for its accounting programme before a new accreditation exercise.

    The state Chairman of ANAN, Alhaji Aliyu Lafene, said the visit was to congratulate the vice chancellor on his laudable feats achieved within the short period he assumed office.

    He pledged the association’s readiness to partner with the University towards strengthening the accounting system of its operations and enhancing the status of the accounting programme.

    Lafene sought collaboration with the university to introduce Postgraduate programmes in Management so that both lecturers and civil servants could benefit instead of going outside the state for additional qualifications.

     

  • Fed Govt sets 2016 timeline for accrual basis accounting implementation

    Nigeria will begin the implementation of accrual  basis accounting under the International Public Sector Accounting Standards (IPSAS) in January 2016, the Federal Government has said.

    The Accountant-General of the Federation, Ahmed Idris, who disclosed this in Abuja at a book launch titled: “Government Accounting in Nigeria: An IPSAS Approach”, said Nigeria started the implementation of the cash basis in 2014.

    The book was written by a former Accountant-General of the Federation, Kayode Naiyeju and Prof. Eddy Omolehinwa.

    Idris added that the implementation committees at both the state and national levels were working to make sure that Nigeria implements the policy next year.

    “There is an implementation committee at national level. There is one at state level and these committees are working based on time frame. So there is no delay.We are on course.

    “The accrual basis is supposed to kick-start in January and by the grace of God we will kick-start January. We want to also be a global player in everything and that is why we have keyed in. We have a time-frame, and like I told you the cash basis started 2014 and we are now transiting into accrual basis and that is exactly what we are doing.”

    He explained that with the implementation of IPSAS, Nigeria will operate on the same platform with advanced economies.

    He said: “We will be operating on the same platform with advanced economies in terms of financial accounting reporting, information rendition, and services of our financial accounts, among others.’’

    “We need to keep government accounting more seriously in Nigeria. Because without proper accounting, you are never going to have accountability and without accountability, we are not going to tackle the problem of corruption in our country,” he said.